Monument Mining has obtained a stay from the Federal Court against the Court of Appeal’s decision to deposit a US$9.4 million by the company into a joint account maintained by legal counsels of the respective parties to the lawsuit.
The stay is pending hearing of the motion for leave to appeal at the Federal Court, Putrajaya, Malaysia scheduled on December 9, 2014. The full trial of the matter has been fixed on February 14 and 15, 2015.
On October 10, 2012, the Plaintiff, Selinsing Mine Sdn Bhd, a company wholly-owned by Kesit Pty Ltd, an Australian private limited company owned and controlled by Peter Steven Kestel and his wife filed a Writ and Statement of Claim against Monument and its wholly-owned subsidiaries, Selinsing Gold Mine Manager Sdn Bhd and Able Return Sdn Bhd.
The Plaintiff in the suit claimed, among other things, a 5% ‘Joint Venture interest’ in the profit of the gold production from one of tenements of Monument’s Selinsing Gold Mine. The Plaintiff was the previous sub-lease holder and operator that sold the Selinsing Gold Mine to Monument and its subsidiaries free and clear of any encumbrances. The transaction was closed on June 25, 2007 and the Plaintiff has been paid in full.
The claim against Monument and its subsidiaries was not made until 2012 in relation to the Plaintiff’s purported ‘Joint Venture interest’. Monument denies that the Plaintiff has any joint venture interest in the Selinsing Gold Mine and intends to continue to vigorously defend this claim.
Monument Mining is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is advancing several exploration and development projects in Malaysia and Australia, including the development stage, Mengapur Polymetallic Project in Malaysia and the Murchison Project in Western Australia.